Black Money Mence

DD News Monday 21 February, 2011
Govt committed to tackling menace of black money: President
With the issue of black money stashed abroad coming into focus, President Pratibha Patil said the government stood committed to tackling the menace frontally.

"My government stands committed to tackling the menace frontally. It requires diligent, sustained effort by all law enforcement agencies including those of state governments," she said addressing a joint sitting of members of Parliament, marking the start of the budget session on Monday.

She expressed concern over ill effects of black money, especially that was allegedly stashed away in foreign banks either through evasion of taxes on income earned legitimately or through illegal activities.

Noting that the government has taken many steps to strengthen the legal framework, the President said a multi-disciplinary study has been commissioned to go into its ramifications for national security and recommend a suitable framework to tackle it.

Declaring that the government would spare no effort in bringing back to India "what belongs to it and to bring the guilty to book, the President said the steps taken so far have led to additional collection of taxes of Rs 34,601 crore and detection of additional income of Rs 48,784 crore."
Govt committed to tackling menace of black money: President